Life Insurance Over 30

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, updated on July 19th, 2023       

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Life Insurance

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

Are you over 30 and thinking about getting life insurance in Australia? It's never too early or late to start thinking about your future and protecting your loved ones. Life insurance can provide financial support for your beneficiaries in the event of your illness, injury, disablement or passing, but with so many options available, it isn’t always easy to pick out the best one for your needs.

You’ll be able to compare a range of policies through Savvy, including term life insurance, income protection insurance, and total and permanent disability (TPD) insurance. With a panel of trusted life insurance providers, you can consider options to help you find one which fits your budget and offers suitable cover. Get started today with a quote through Savvy.

How much will life insurance cost if I’m over 30?

The cost of life insurance for those over 30 in Australia varies depending on several factors, including:

  • Age: typically, the older you are when you take out a policy, the more expensive it will be. Although the difference may only be minuscule, a 31-year-old may pay less than a 39-year-old for their cover.
  • Health: your current health status will also affect the cost of your life insurance. If you have pre-existing health conditions, you may be charged higher premiums or have exclusions apply to your policy.
  • Occupation: if you’re working in an occupation your insurer deems high-risk, such as a truck driver, you may either be charged more for your premiums or have your application denied if you’re seen as too great a risk.
  • Family history: even if you don’t have any major conditions right now, a family history of illness may impact your premiums.
  • Smoking: if you smoke, you can expect to pay significantly higher premiums for your life insurance due to the increased risk of a range of illnesses.
  • Coverage amount: the amount of coverage you need will also affect the cost of your policy. The higher the coverage amount, the more expensive the policy is likely to be.
  • Policy type: the type of policy you choose will also affect the cost of your life insurance. For example, a term life insurance policy will generally be more expensive than trauma cover.

When shopping for life insurance over 30, it's important to compare policies from multiple insurers to find the best coverage at a reasonable price. It’s easy to compare quotes from multiple insurers in one place through Savvy. Simply fill out an online form to start the process through us today.

Why should I buy life insurance if I’m over 30 compared to later in life?

If you're over 30, there are a few reasons why you might consider buying life insurance now rather than later. These include:

Cheaper premiums

Firstly, as mentioned, your age and health status can be significant factors in determining your life insurance premiums. The older you are, the more likely you are to have health issues (or be at greater risk of suffering from them), which can result in higher premiums or even being denied coverage altogether.

Buying life insurance while you're still relatively young, rather than if you’re already over 50, can help you lock in lower premiums, particularly if your life insurer only requires you to undertake a medical exam at the start of your coverage.

Financial security for covered events

Additionally, if you have dependents, such as children or a partner who relies on your income, life insurance can provide financial security for them if something happens to you which is covered by your policy. This is especially important if you have significant debts or mortgage repayments, as your loved ones may struggle to cover these expenses without your income.

Peace of mind

Finally, life insurance can provide peace of mind knowing that your loved ones can be taken care of in case of your death (should it satisfy your insurer’s criteria). It's important to consider the emotional and financial burden that could be placed on your family if you were to pass away unexpectedly. With life insurance, you can rest assured that they will have the financial support they need to cope with such a loss.

Types of life insurance

Term life cover

Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.

Income protection cover

If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.

Total & permanent disability cover

This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.

Trauma cover

Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.

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Frequently asked questions about life insurance for over-30s

Should I choose stepped or level life insurance premiums if I’m over 30?

Whether you decide to choose stepped or level premiums will depend on your individual needs and circumstances. The key differences between the two are:

  • Stepped premiums: these are recalculated annually based on your age and risk factors at that time. They may start lower if you’re over 30 but will increase over time as you age, often becoming more expensive than level premiums for older policyholders.
  • Level premiums: these remain consistent over the life of the policy (only increasing with inflation). They may start out more expensive than stepped premiums but can offer more stability and predictability in terms of long-term costs.

Consider your budget, expected income and future financial goals before deciding on which is the best option for you.

Can I just use my superannuation life insurance instead?

Superannuation life insurance may be an option, but it’s important to review your policy and determine whether it offers suitable coverage for your needs. While premiums are often cheaper and more convenient to manage, they’re deducted from your super, meaning you could have less money to withdraw when you retire. Additionally, maximum payouts are often much lower and trauma cover isn’t available through your super.

How do I work out how much life insurance coverage I need as an over-30?

To determine how much coverage you may need, consider your debts, income and expenses, as well as what other funds may be available to your family should you pass away or become unable to work. A general rule of thumb for life insurance is to look at a coverage amount worth ten to 12 times your annual income, but individual circumstances may vary.

How do I compare the best life insurance policies for over-30s?

When comparing life insurance policies for over-30s, consider the following factors:

  • Premiums, including any stepped or level options
  • Policy inclusions
  • Exclusions and limitations
  • Coverage limits
  • Policy features, such as advance payments and cover suspension
  • Any applicable waiting periods
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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.